NatWest has launched 95% loan-to-value (LTV) products and is withdrawing from the government’s Mortgage Guarantee Scheme from 22 December.
The new products include a two-year fixed at 95% LTV with a rate of 6.40%, no product fee and £750 cashback.
It is also introducing a five-year fixed 95% LTV at 5.80% with no product fee and £750 cashback.
The lender has also withdrawn products from the mortgage guarantee scheme including the two-year fixed 95% LTV at 6.40% with no product fee and £750 cashback.
It has also cut the five-year fixed 95% LTV at 5.80% with no product fee and £750 cashback.
There are no changes for existing customers and end dates.
NatWest says: “You’ll be able to produce Mortgage Illustrations and submit applications online for existing deals up to 10:30pm Wednesday 21st December 2022.”
Earlier this week, Own New announced its plan to launch a 95% LTV mortgage product with Darlington Building Society early next year, alongside more than 50 housebuilders.
The government also confirmed it will extend the Mortgage Guarantee Scheme by one year.
The scheme has underwritten £4.4bn in low-deposit home loans since it was launched on 21 April 2021.
The government launched the scheme to increase the availability of 95% loan-to-value (LTV) mortgages.
The extension will see the scheme run until the end of December 2023.
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